Cryptocurrencies are useless? This is what an important employee of the Bank of England thinks.

This year’s World Economic Forum in Davos can bring us many interesting statements about cryptocurrencies. During the event, topics such as future of the labor market, trade war and the threat of a possible economic crisis.

The topic of digital currencies was taken by Huw Van Steenis, senior adviser to the governor of the Bank of England, Mark Carney. If anyone counted, however, that the favorable atmosphere in Davos, will temper the temperaments of politicians and financiers, he may feel disappointed. Supporters of the cryptocurren learned from him that blockchain coins are “worthless” and can not be called money.

Bitcoin? It’s no competition!

As a banker for Van Steenis, even if he has trouble sleeping, it’s not Bitcoin’s fault:

“Traditional banks are trying to counter the threats coming from these new technology platforms. But cryptocurrencies are not high on my list of worries. “

Some of the financier’s comments are accurate. Cryptocurrencies are characterized by unstable rates, which is why they do not hold value, and because of problems with the scalability of their networks, they can not process as many transactions as the investors during the 2017 bubble peak wanted. The Briton did not pay attention to the fact that there are projects on the market such as IOST, which want to significantly improve the blockchain scalability. In addition, Lightning Network technology can be a beneficial solution for Bitcoin itself.

Van Steenis also said that his main priority today is to provide Britain with being a leader in the fintech market. For the target to be real, it must be included in the time range. The official knows this and added that the authorities want to achieve this within five to ten years.

The Davos Forum is one of the most important places in the world in the coming days. Among the VIPs are: Japan’s Prime Minister Shinzo Abe, head of the Brazilian government Jari Bolsonaro, German Chancellor Angela Merkel, China Vice President Wang Qishan, Italian Prime Minister Giuseppe Conte, Iraqi President Barham Salih and Israeli Prime Minister Benjamin Netanyahu.